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rok-a-bill-e, yes I've seen that, and it seems to say that your benefit can be corrected up if you continue to work as well as collect the benefit-

"Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due. This is an automatic process and benefits are paid in December of the following year."

Given my health history, I'm shooting for 59.5 (and I'm already 60.5)! IOW, if I make 62, I will probably start drawing, but we may have enough of a wad to allow the wife to wait for the max benefit (or me, if I'm an 0.1%-er).

I started taking it at 62.
As I told the counselor, 'if I wait 5 more years, well,
You (SS) may not be there. I may not be there. And the difference dollars isn't worth the trouble. Besides. I need the money now.'

If you're turning 62 this year your full retirement age should be 66, same as me. I turned 62 last year.

SS can do some weird stuff.

I applied, and am getting benefits starting this month (May). But they are witholding May because I'm working, and earning over $14640 at my job. I'll be paid for June at the end of July.

Your pay date is based on your birth date, if you were born early in the month, you get paid early etc.

As for taxes, you can have them witheld from your payment. In my case the worst that can happen is that my tax refund may be a little smaller. The tax software I use automatically takes care of the calculations.

One other thing to consider if you are married is how you draw SS and how your spouse draws SS. There are a lot of options on how you do that, and you can make a sizable difference on which one of you takes it first, since the lesser earning spouse can draw either their own entitlement or 50% of the higher earning spouse.

Chris,
You'd have to look that one up or do the math with their calculator I guess. Some of the strategies seemed kind of tricky, but still stay within the rules. Certainly I'm not a SS expert, but have read a few books and articles that convince me to look at all the options to maximize the benefit for a married couple

I'm 59 and also get full benefit at 66. I'm not looking at maximum payout over a number of years, but what it takes to pay the bills, buy supplemental insurance, etc. I also have a younger (3 yrs) wife. Medicare doesn't kick in until 65. Lot's of things to consider.

I turn 54 in a few days, plan on working as long as I possibly can to build up the 401k and a couple of other things. Hopefully with SS, my military retirement and my own retirement accounts I will be OK. Rather frightening though.

I turn 55 this year and in three years some income producing properties will be paid up which will generate a monthly income. I'm seriously considering retiring at age 62, taking the benefit somewhere around age 65 and putting a good part of it into an investment account for my two children. They're the one's I'm really worried about.

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